Germany: Palm Oil Market 2024

Palm Oil Market Size in Germany

In 2022, the German palm oil market increased by 42% to $X, rising for the fourth consecutive year after two years of decline. In general, consumption, however, recorded a deep slump. Palm oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Palm Oil Production in Germany

In value terms, palm oil production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable contraction. Palm oil production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Palm Oil Exports

Exports from Germany

In 2022, shipments abroad of palm oil was finally on the rise to reach X tons for the first time since 2016, thus ending a five-year declining trend. Over the period under review, total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 29% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, palm oil exports surged to $X in 2022. Overall, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +107.3% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Poland (X tons) was the main destination for palm oil exports from Germany, with a 36% share of total exports. Moreover, palm oil exports to Poland exceeded the volume sent to the second major destination, the UK (X tons), twofold. Denmark (X tons) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to Poland stood at +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+11.6% per year) and Denmark (+6.6% per year).

In value terms, Poland ($X) remains the key foreign market for palm oil exports from Germany, comprising 36% of total exports. The second position in the ranking was held by Denmark ($X), with a 16% share of total exports. It was followed by the UK, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Poland totaled +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+10.0% per year) and the UK (+14.8% per year).

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, picking up by 31% against the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil export price increased by +99.8% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 34% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Sweden ($X per ton) and Italy ($X per ton), while the average price for exports to the UK ($X per ton) and Slovakia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+4.9%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Germany

In 2022, palm oil imports into Germany soared to X tons, rising by 25% on the year before. Overall, imports, however, showed a pronounced contraction. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, palm oil imports skyrocketed to $X in 2022. In general, imports, however, showed a mild contraction. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

The Netherlands (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of palm oil imports to Germany, together accounting for 55% of total imports. Guatemala, Italy, Brazil, Colombia, Honduras, Papua New Guinea and Thailand lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +84.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest palm oil suppliers to Germany were the Netherlands ($X), Malaysia ($X) and Indonesia ($X), with a combined 58% share of total imports. Italy, Guatemala, Colombia, Honduras, Papua New Guinea, Brazil and Thailand lagged somewhat behind, together comprising a further 32%.

Brazil, with a CAGR of +58.0%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, surging by 22% against the previous year. In general, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil import price increased by +86.5% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 38%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :